- Most of the cryptos in the market are experiencing a bit of a slip.
- BTC is still trading above the $20k psychological level.
- Long-term SHIB holders have grown since the beginning of 2022.
Most of the cryptos in the market are experiencing a bit of a slip after they were able to book some profit over the last few days. The total crypto market cap is also down about 2% and is once again under the $1 trillion point at $980.18 trillion.
Although Bitcoin (BTC) saw a 2.59% drop in price over the last day, the crypto market leader was still able to trade above the $20k psychological level. The same can be said for Ethereum (ETH) as the crypto is currently down 3.43%, but is still trading above $1,500.
Things are not going much better for the meme coins today. Data from the market-racking website CoinMarketCap indicates that Shiba Inu (SHIB) is currently down more than 7% to now trade at $0.00001039. The crypto is, however, still in the green by more than 5% over the last week. DOGE is also in the red today by about 5%, and the meme coin now trades at $0.07372.
The CEO and co-founder of Mudrex, Edul Patel, recently made a statement about SHIB. According to Patel, “long-term SHIB holders have grown far more since the beginning of 2022, from barely 1% to over 38% of holders.”
Some other new developments in the crypto space include the fact that Google will be launching a cloud-based node engine for Ethereum projects. Recent research done by Solidus Labs also indicates that 12% of all BEP-20 tokens are tied to scams.
Another new development is Hong Kong’s plans to legalize the retail trading of cryptos. The crypto platforms will, however, be required to apply for a license to offer retail trading.
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